Fred

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The Memphis-based discount retailerr reported salesof $134.7 millionm for May, down 6 percent comparefd to sales of $143.4 million in May 2008. Thess numbers include Fred’s (NASDAQ: closing 74 underperforming stores and23 pharmacies. Excludint those stores, Fred’s sales increased 1 percent compared tolast May. Comparable store sales in May rose 0.2 percent, down compare d to 3.4 percent in the same perioxd last year. For the first four fiscakl monthsof 2009, the company reported totap sales of $593.1 million, down 2.4 percent compared to $607.87 million for the same year-agk period.
However, excluding stores closed in 2008, salezs from ongoing stores increased 4 percengt compared to thesame four-month periods last year. On a comparable store basis, year-to-date sales increasedc 2.1 percent compared to 2.4 percent last year. Fred’s opened one new pharmac y in May. Fred’s operates 666 discount merchandise stores, includingb 24 franchised stores nationwide. Shares closedd down 12 cents to $14.
22 per share